monday.com Ltd (MNDY) 2022 Q1 法說會逐字稿

Good day. My name is Melissa, and I'll be your conference operator today. At this time, I would like to welcome everyone to monday.com's First Quarter Fiscal Year 2021 Earnings Conference Call.

再會。我叫梅麗莎，今天我將擔任您的會議主持人。現在，我歡迎大家參加 monday.com 2021 財年第一季財報電話會議。

I would like to turn the call over to Monday.coms Director of Investor Relations, Mr. Byron Stephen. Please go ahead.

我想將電話轉給 Monday.com 的投資者關係總監拜倫史蒂芬先生。請繼續。

Good day, everyone, and thank you for joining us on today's conference call to discuss the financial results for monday.com first quarter fiscal year 2022. Joining me today are Roy Mann and Eran Zinman, co-CEOs of monday.com; and Eliran Glazer, monday.com CFO.

大家好，感謝您參加今天的電話會議，討論 monday.com 2022 財年第一季的財務業績。今天與我一起參加會議的還有 monday.com 的聯合執行長 Roy Mann 和 Eran Zinman；和 Eliran Glazer，monday.com 財務長。

We released our results for the first quarter fiscal year 2022 earlier today. Our earnings materials are available on our Investor Relations website at ir.monday.com. There, you will find the investor presentation that accompanies our prepared remarks and a replay of today's webcast under the News and Events section.

我們今天稍早發布了 2022 財年第一季的業績。我們的收益資料可在投資者關係網站 ir.monday.com 上找到。您可以在「新聞和事件」部分找到伴隨我們準備好的發言的投資者簡報以及今天的網路廣播的重播。

Certain statements made on the call today will be forward-looking statements, which reflect management's best judgment based on the currently available information. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our earnings release for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements.

今天電話會議上的某些陳述將是前瞻性陳述，反映了管理層根據當前可用資訊做出的最佳判斷。這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期不同。有關可能導致實際結果與我們的前瞻性陳述存在重大差異的具體因素的更多信息，請參閱我們的收益報告。

Additionally, non-GAAP financial measures will be discussed on the call. Reconciliations to the most directly comparable GAAP financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations website.

此外，電話會議也將討論非公認會計準則財務指標。在我們的投資者關係網站上發布的今天電話會議的收益報告和收益報告中，可以找到與最直接可比較的 GAAP 財務指標的對帳。

With that, let me turn the call over to Roy.

說完這些，讓我把電話轉給羅伊。

Thanks, Byron. Good day, everyone, and welcome to our Q1 2022 Earning Call. Our first quarter revenue grew 84% to a record $108.5 million. This is an exciting milestone for us as it represents our first $100 million revenue quarter as a company.

謝謝，拜倫。大家好，歡迎參加我們的 2022 年第一季財報電話會議。我們第一季的營收成長了 84%，達到創紀錄的 1.085 億美元。這對我們來說是一個令人興奮的里程碑，因為這是我們公司第一個季度營收達到 1 億美元。

We continue to see strong demand for our product with our sales teams driving new logo acquisition and strong expansion within our existing customer base during the quarter. 50% of the Fortune 500 companies use our platform, up from 38% just a year ago. To address the needs of our customers in the enterprise segment, we are investing in creating more value for these customers, including in security, governance and compliance requirements.

我們繼續看到對我們產品的強勁需求，我們的銷售團隊在本季推動了新標誌的收購和現有客戶群的強勁擴張。 50% 的財富 500 強企業使用我們的平台，而一年前這一比例僅為 38%。為了滿足企業領域客戶的需求，我們正在投資為這些客戶創造更多價值，包括安全、治理和合規性要求。

Because we see enterprise customers as an important growing segment of our business, we are releasing our net dollar retention rate for enterprise customers with more than $50,000 in ARR and their percentage of our total ARR.

因為我們將企業客戶視為我們業務中一個重要的成長部分，所以我們發布了 ARR 超過 50,000 美元的企業客戶的淨美元留存率及其占我們總 ARR 的百分比。

In Q1, the total number of these customers was 960, up 187% from a year ago. These enterprise customers with more than $50,000 ARR now represent 22% of our total ARR. As we continue to go upmarket, more customers are increasing their adoption and usage of monday across the organization. In Q1, the net dollar retention rate for customers over $50,000 in ARR was above 150%. This high NDR reflects our potential to continue to expand among large customers. Please refer to our Q1 investor presentation for historical comparisons for these metrics. Among customers with more than 10 users, net dollar retention rate is above 135%. And among all customers, the net dollar retention was over 125%. As a reminder, our net dollar retention rate is a trailing 4 quarter weighted average calculation.

第一季度，此類客戶總數為960家，比去年同期成長187%。這些 ARR 超過 50,000 美元的企業客戶目前占我們總 ARR 的 22%。隨著我們不斷進軍高端市場，越來越多的客戶在整個組織內增加了對 Monday 的採用和使用。第一季度，ARR 超過 50,000 美元的客戶的淨美元留存率超過 150%。如此高的 NDR 反映了我們在大型客戶中繼續擴張的潛力。請參閱我們的第一季投資者介紹，以了解這些指標的歷史比較。在擁有 10 個以上用戶的客戶中，淨美元留存率超過 135%。在所有客戶中，淨美元保留率超過 125%。提醒一下，我們的淨美元留存率是過去 4 季的加權平均計算。

In the first quarter, we increased sales and marketing spend by approximately $50 million, up 84% from Q1 '21. These sales and marketing efforts accelerated our acquisition of new customers while keeping the same marketing efficiency metrics. We've also been very successful in meeting our aggressive talent requirement targets. We believe that these efforts have great potential to grow our business over time, as also our strong net dollar retention rate indicates.

第一季度，我們的銷售和行銷支出增加了約 5,000 萬美元，比 21 年第一季成長了 84%。這些銷售和行銷工作加速了我們獲得新客戶的步伐，同時保持了相同的行銷效率指標。我們也非常成功地實現了我們積極的人才需求目標。我們相信，這些努力具有巨大的潛力，可以隨著時間的推移促進我們業務的成長，正如我們強勁的淨美元留存率所顯示的那樣。

As we expand our customer base, we continue to invest in and grow our partner ecosystem to serve our customers. This quarter, we are excited to announce we have signed an authorized reseller agreement with SHI International, one of North America's largest IT solution providers. This partnership will help us work with and sell to more public, state and local agencies and federal agencies in the United States.

隨著客戶群的擴大，我們將繼續投資並發展合作夥伴生態系統，以服務我們的客戶。本季度，我們很高興地宣布，我們已與北美最大的 IT 解決方案供應商之一 SHI International 簽署了授權經銷商協議。此次合作將幫助我們與美國更多的公共、州和地方機構以及聯邦機構合作並向其銷售產品。

Our customers span industries and use cases and they use monday.com to run complex operations around the world. Recently, we partnered with Vogue for the Met Gala's first-ever branded content software partnerships. Using our platform, the Met Gala set designer managed the core workflows for fashion's biggest night of the year.

我們的客戶遍布各個行業和用例，他們使用 monday.com 在世界各地進行複雜的操作。最近，我們與 Vogue 合作，成為 Met Gala 的首個品牌內容軟體合作夥伴。利用我們的平台，Met Gala 佈景設計師管理了一年一度的時尚盛典的核心工作流程。

Let me now turn it over to Eran to walk you through how we plan to better serve our larger customers.

現在，讓我將主題交給 Eran，讓他向您介紹我們計劃如何更好地服務我們的大客戶。

Thank you, Roy. This quarter, we are excited to announce the launch of our new Work OS product suite with 4 new products, each with their own unique pricing models. These new products represent an exciting new evolution of our existing product solutions based on the momentum and success we've seen among our customers. We are stepping up our product solutions to become 4 new end-to-end products: monday projects, monday dev, monday marketer and monday sales CRM.

謝謝你，羅伊。本季度，我們很高興地宣布推出新的 Work OS 產品套件，其中包含 4 款新產品，每種產品都有自己獨特的定價模式。這些新產品代表了我們現有產品解決方案令人興奮的新發展，它基於我們在客戶中看到的勢頭和成功。我們正在加強我們的產品解決方案，使其成為 4 個新的端到端產品：monday projects、monday dev、monday marketer 和 monday sales CRM。

Marketing and creative teams use monday marketer to manage marketing and creative processes all in 1 place. Product design and R&D teams can plan, execute and collaborate to deliver better products faster using monday dev. Project managers use monday projects to run, manage and track projects and portfolios. And sales team use monday sales CRM to manage all aspects of their sales cycle.

行銷和創意團隊使用 monday marketer 在一個地方管理行銷和創意流程。產品設計和研發團隊可以使用 monday dev 進行規劃、執行和協作，以更快地交付更好的產品。專案經理使用週一專案來運作、管理和追蹤專案和投資組合。銷售團隊使用 Monday Sales CRM 來管理銷售週期的各個方面。

Work OS products are complete end-to-end products built on top of the moday.com Work OS that are designed to completely and comprehensively address the needs of a specific use case and live within the entire work ecosystem with seamless integration and connectivity.

Work OS 產品是建立在 moday.com Work OS 之上的完整的端到端產品，旨在全面滿足特定用例的需求，並透過無縫整合和連接存在於整個工作生態系統中。

Customers can add more products at any given time or move data between products. That way, when customers purchased one of the new products, they also get the same flexibility, connectivity and ease of use that they know and love for monday.com. Those new products will allow us to better address growth within our existing accounts and capture new markets.

客戶可以隨時添加更多產品或在產品之間移動數據。這樣，當顧客購買新產品時，他們也能獲得他們所熟悉和喜愛的 monday.com 的靈活性、連接性和易用性。這些新產品將使我們能夠更好地應對現有客戶的成長並佔領新市場。

With products, we are better positioned to compete and win deals against vertical tools in specific markets. We plan to gradually increase the rate of accounts with access to the product, with the goal to fully launched them to all of our customers later this year.

有了產品，我們就能更好地與特定市場的垂直工具競爭並贏得交易。我們計劃逐步提高可以使用該產品的帳戶率，目標是在今年稍後向所有客戶全面推出該產品。

Let me now turn it back over to Roy.

現在讓我把話題交還給羅伊。

Thank you, Eran. To close. It's amazing to see the progress we've made in the short time period. Our growth efforts in Q1 placed us on a new growth trajectory breaking the $100 million revenue per quarter milestone. Our market-leading retention rate and focus on our enterprise segment continues to drive our product's focus and vision.

謝謝你，埃蘭。關閉。看到我們在短時間內取得的進步真是令人驚嘆。我們在第一季的努力使我們走上了新的成長軌道，突破了每季 1 億美元的營收里程碑。我們市場領先的保留率和對企業領域的關注繼續推動我們產品的重點和願景。

We're proud of the work we have made to evolve monday.com from a single-product company to a multiple-product company. Two of the reasons we've been able to do this include, one, the work and continued dedication of our amazing team across the globe. The second is our flexible architecture, which has allowed us to execute extremely quickly and with high quality to meet the growing needs of our customers. This emphasis on agile and quick execution at high level has enabled us to continue to meet the needs of customers across verticals, with 70% of our customers coming from nontech industries.

我們為使 monday.com 從單一產品公司發展成為多產品公司而做出的努力感到自豪。我們能夠做到這一點有兩個原因：一是我們全球優秀團隊的工作和持續奉獻。第二是我們的架構靈活，這使我們能夠極其快速、高品質地執行，以滿足客戶日益增長的需求。這種對高水準敏捷和快速執行的重視使我們能夠繼續滿足各個垂直行業客戶的需求，其中 70% 的客戶來自非技術行業。

With that, I'll turn it over to Eliran to cover our financials and guidance.

說完這些，我將把責任交給 Eliran 來負責我們的財務和指導。

Thank you, Roy, and thank you to everyone for joining our call. Today, I will review our first quarter results in detail and provide an updated guidance for the second quarter and full year 2022.

謝謝你，羅伊，也謝謝大家參加我們的電話會議。今天，我將詳細回顧我們第一季的業績，並為 2022 年第二季和全年提供最新指引。

We continue to deliver strong growth, driven by customers increasingly adopting the broader monday Work Operating System platform across the organization. As Roy mentioned, revenue surpassed $100 million for the first time ever this past quarter. Total revenue came in at $108.5 million in the first quarter, up 84% from a year ago.

我們持續實現強勁成長，這得益於客戶越來越多地在整個組織內採用更廣泛的 Monday Work 作業系統平台。正如羅伊所提到的，上個季度的收入首次超過 1 億美元。第一季總營收為 1.085 億美元，比去年同期成長 84%。

Growing and scaling the company remains our top priority. With the large and growing market opportunity in front of us and with most deals still being greenfield, we executed on an ambitious hiring plan this quarter and remain committed to investing in top-tier talent to scale the company. We ended the first quarter with 1,284 employees globally, representing an increase of 220 employees, our largest headcount growth quarter on record. Over half of the added headcount during the past year is attributable to increase in client-facing roles and R&D.

發展和擴大公司規模仍然是我們的首要任務。由於我們面前有巨大且不斷增長的市場機遇，而且大多數交易仍處於萌芽階段，我們本季度執行了一項雄心勃勃的招聘計劃，並將繼續致力於投資頂尖人才來擴大公司規模。截至第一季度，我們在全球擁有 1,284 名員工，增加了 220 名員工，這是我們有史以來員工人數成長最多的季度。過去一年新增員工人數的一半以上歸因於面向客戶的職位和研發的增加。

For the reminder of the financial metrics disclosed, unless otherwise noted, I will be referring to non-GAAP financial measures. We have provided a reconciliation of GAAP to non-GAAP financials in our earnings release.

提醒一下所揭露的財務指標，除非另有說明，我將參考非 GAAP 財務指標。我們在收益報告中提供了 GAAP 與非 GAAP 財務狀況的對帳表。

First quarter gross margin was 89%. In the medium to long term, we continue to expect gross margin to remain in the high 80% range. Research and development expense was $19.2 million or 18% of revenue. We'll continue to invest significantly in R&D as we build out our product offerings and scale our Work Operating System platform both horizontally and vertically. Sales and marketing expense was $108.6 million or 100% of revenue compared to 100% of revenue in the year-ago quarter. This includes onetime Super Bowl advertising cost of $11 million during the quarter.

第一季毛利率為89%。從中長期來看，我們預期毛利率仍將維持在80%的高點。研發費用為 1,920 萬美元，佔營收的 18%。隨著我們擴大產品供應並橫向和縱向擴展我們的工作作業系統平台，我們將繼續在研發方面投入大量資金。銷售和行銷費用為 1.086 億美元，佔營收的 100%，而去年同期為 100%。其中包括本季一次性的超級盃廣告費用 1,100 萬美元。

As mentioned above, we accelerated our hiring of employees during the quarter, reflecting our ability to attract some of the best talent to scale the business. As we have front-loaded certain expenses which have driven our growth, we anticipate sales and marketing expenses as a percentage of revenue to come down to low 80s by the end of the year. G&A expenses was $12.4 million or 11% of revenue compared to 10% in the year-ago quarter, reflecting increased costs since becoming a public company.

如上所述，我們在本季加快了員工招募速度，這反映了我們吸引一些最優秀人才來擴大業務的能力。由於我們已經預先支付了推動我們成長的某些費用，我們預計到今年年底銷售和行銷費用將佔收入的百分比降至 80% 以下。一般及行政費用為 1,240 萬美元，佔營收的 11%，而去年同期為 10%，反映出自上市以來成本增加。

Operating loss was $43.8 million and operating margin was negative 40%. Net loss was $43.2 million and loss per share was negative $0.96. It is important to note that, as we scale the company, we remain focused on improving operating margins and capital efficiency. We anticipate that operating margins will improve throughout the year and into fiscal year '23.

營業虧損為 4,380 萬美元，營業利益率為-40%。淨虧損為 4,320 萬美元，每股虧損為負 0.96 美元。值得注意的是，隨著公司規模的擴大，我們仍然專注於提高營業利潤率和資本效率。我們預計全年及 23 財年的營業利潤率將會提高。

Moving on to the balance sheet and cash flow. We ended the quarter with approximately $849.6 million in cash and cash equivalents. Net cash used in operating activities was $12.9 million in the quarter. Adjusted free cash flow was negative $16.2 million, reflecting the additional investment we made during the quarter. Adjusted free cash flow is defined as net cash from operating activities less cash used for property and equipment and capitalized software costs, excluding nonrecurring items.

繼續討論資產負債表和現金流量。本季末，我們的現金和現金等價物約為 8.496 億美元。本季經營活動所用淨現金為 1,290 萬美元。調整後的自由現金流為負 1,620 萬美元，反映了我們在本季進行的額外投資。調整後的自由現金流定義為經營活動產生的淨現金減去用於財產和設備的現金以及資本化的軟體成本（不包括非經常性項目）。

Now let's turn to our updated outlook for fiscal year 2022. For the second quarter of fiscal year 2022, we expect our revenue to be in the range of $117 million to $119 million, representing growth of 66% to 69% year-over-year. We expect a non-GAAP operating loss of $35 million to $33 million. For the full fiscal year '22, we now expect revenue to be in the range of $488 million to $492 million, representing growth of 58% to 60% year-over-year. We expect a full year non-GAAP operating loss of $139 million to $135 million and a negative operating margin of 28% to 27%.

現在讓我們來看看我們對 2022 財年的最新展望。對於 2022 財年第二季度，我們預計營收將在 1.17 億美元至 1.19 億美元之間，年增 66% 至 69%。我們預計非公認會計準則營業虧損為 3,500 萬至 3,300 萬美元。對於整個 22 財年，我們目前預計營收將在 4.88 億美元至 4.92 億美元之間，年增 58% 至 60%。我們預計全年非公認會計準則營業虧損為 1.39 億至 1.35 億美元，營業利益率為負 28% 至 27%。

Looking ahead, we'll continue to invest in growth with a strong focus on driving business efficiency.

展望未來，我們將繼續投資成長，並專注於提高業務效率。

With that, let me now turn it over to the operator for questions.

現在，請允許我將問題交給接線員。

(Operator Instructions) We'll be taking our first question today from Kash Rangan of Goldman Sachs.

（操作員指示）今天我們將回答高盛的卡什·蘭根提出的第一個問題。

Great to see monday's results on a Monday. Congratulations on an excellent start of the fiscal year. If Roy you could chime in on the macroeconomic environment. Obviously, everybody is concerned about recession, the value proposition of software. Can you just give us your take on how customers are prioritizing monday? Have you noticed any changes in the demand environment as the quarter progressed?

很高興在周一看到週一的結果。祝賀本財政年度有一個良好的開端。如果羅伊，你可以談談宏觀經濟環境。顯然，每個人都關心經濟衰退，關心軟體的價值主張。您能否告訴我們您對客戶週一優先考慮事項的看法？隨著本季的進展，您是否注意到需求環境發生了任何變化？

And secondly, maybe this is -- and I have an added-on question as well. You sound very confident that we can improve operating leverage for the business as the year unfolds. Can you just give us a little bit more detail and color as to how you expect this operating leverage to really come to fruition? Congratulations.

其次，也許這是──我還有一個附加問題。您聽起來非常有信心，隨著時間的推移，我們可以提高業務的經營槓桿。您能否提供我們更多細節，說明您預期這種經營槓桿將如何真正實現？恭喜。

Kash, thank you for the question. So I'll start, and then Eliran will follow up. So we saw a great Q1 in terms of our ability to grow and find new customers. And we see a lot of demand, and we feel confident about where we are as a business and our ability to keep growing. So that -- from the results, we are obviously aware of the macroeconomics now and what's happening, and we're keeping a very close watch on everything that is unfolding.

Kash，謝謝你的提問。所以我先開始，然後 Eliran 會跟進。因此，就我們的成長能力和尋找新客戶的能力而言，第一季我們表現非常出色。我們看到了很多需求，我們對我們的業務現狀和持續成長的能力充滿信心。因此，從結果來看，我們顯然了解當前的宏觀經濟狀況和正在發生的事情，並且我們正在密切關注正在發生的一切。

Okay. Kash, it's Eliran. So to your question with regards to why we are confident about the margins getting better. So as a reminder, this is what we said we are going to do on the last call, on the last earnings call. So from a spend perspective, if we think about Q1 in sales and marketing, for example, this is an outlier. And we did that in accordance with monday playbook. If you look back at Q1 2021, we front-loaded all these expenses. We invested in bringing the best headcount that we can, which was on record.

好的。 Kash，我是 Eliran。所以關於你提到的為什麼我們對利潤率會提高有信心的問題。所以提醒一下，這就是我們在上次電話會議、上次收益電話會議上說過要做的事。因此，從支出的角度來看，如果我們考慮銷售和行銷的第一季度，這是一個異常值。我們按照週一的計劃做了這件事。如果回顧 2021 年第一季度，我們會預先承擔所有這些費用。我們投入了資金，引進了有史以來最優秀的員工隊伍。

And from now on, we believe that we are going and to continue to invest in accordance with efficiency metrics, unit economics, taking into account the net dollar retention rates that we have, the payback time, the cut. So altogether, when we're going back to normal in Q2, as we mentioned in the script, that S&M, for example, is going back to low 80s, we believe that we are going to leverage the investments that we did and benefit from the fact that this improve margins and capital efficiency.

從現在開始，我們相信我們將繼續根據效率指標、單位經濟學進行投資，同時考慮到我們的淨美元保留率、回報時間和削減。因此，總的來說，當我們在第二季度恢復正常時，正如我們在腳本中提到的那樣，例如 S&M 將回到 80 年代初期，我們相信我們將利用我們所做的投資，並從提高利潤率和資本效率的事實中受益。

We'll take our next question today from Arjun Bhatia of William Blair.

今天我們將回答 William Blair 的 Arjun Bhatia 提出的下一個問題。

Perfect. And congrats on a great quarter to the team. Maybe for Roy or Eliran, around the Work OS product suite announcement, seems like a very interesting evolution for the company. I'm curious, does that bundle in capabilities like WorkForms and Canvas, like some of the more recent products that you've launched, into each of these suites from a pricing and packaging perspective?

完美的。並恭喜團隊本季取得優異成績。也許對於 Roy 或 Eliran 來說，圍繞 Work OS 產品套件的發布似乎是該公司一次非常有趣的演變。我很好奇，從定價和包裝的角度來看，這些套件是否將 WorkForms 和 Canvas 等功能（例如您最近推出的一些產品）捆綁到每個套件中？

And then as you think about the future, how do you envision adding more suites to this to the 4 that you've announced today? Is there room to create more additional product suites like IT or other use cases that you might go after in the future?

然後，當您考慮未來時，您設想如何在今天宣布的 4 個套件的基礎上添加更多套件？是否有空間來創建更多額外的產品套件，例如 IT 或您將來可能追求的其他用例？

Yes. Thanks, Arjun, for the question. This is Eran. So first of all, we're very excited about launching those new 4 products. Like you've mentioned, this is an evolution to the product solutions that we offer before. But truly, what we've done as a company is to take all those products one step forward. We saw a lot of demand from our customers, a lot of usage on those product solutions. And we felt it makes a lot of sense to mature them and to make our solutions more deep, more features, more capabilities, pack them in a proper way, have specific onboarding and specific feature sets for each one of them. And going forward, we are dedicated as a company to continuing to invest in each one.

是的。謝謝 Arjun 提出的問題。這是埃蘭。首先，我們非常高興推出這四款新產品。正如您所提到的，這是我們之前提供的產品解決方案的演變。但實際上，作為一家公司，我們所做的就是讓所有這些產品向前邁進一步。我們看到客戶對這些產品解決方案的需求很大，使用量也很大。我們認為，讓它們更加成熟，讓我們的解決方案更加深入，擁有更多功能、更多能力，以適當的方式打包它們，為每一個提供特定的入職培訓和特定的功能集，是非常有意義的。展望未來，我們公司將致力於繼續對每個領域進行投資。

Obviously, also the fact that we're able to package those products as independent products will also give us the ability to sell them separately and have different pricing for each one, while benefiting from having the entire company on our Work OS platform. So for us, it's very strategic.

顯然，我們能夠將這些產品打包為獨立產品，這也使我們能夠單獨銷售它們，並對每個產品製定不同的定價，同時讓整個公司都使用我們的 Work OS 平台，從而受益。所以對我們來說，這非常具有戰略意義。

In terms of the other products that we announced in the previous quarter, meaning the WorkForms and the Canvas. So those are 2 other products that are independent of our platform and those products. And we'll continue to offer them to our customers separately with separate pricing, if this answers your question.

就我們上一季發布的其他產品而言，即 WorkForms 和 Canvas。因此，這是另外兩種獨立於我們的平台和那些產品的產品。如果這回答了您的問題，我們將繼續以單獨的價格向我們的客戶提供這些產品。

Yes. Perfect. No, that's very helpful. And then I noticed the $50,000 in ARR disclosure at 150%-plus, but obviously, very healthy but it's also picked up quite a bit from last year or from when it was -- from where it was 4 quarters ago. What are you attributing that uptick to? Is it the ability to retain your customers better? Are you -- I think you called out maybe wall-to-wall adoption a little bit more. I would just love to hear a little bit more of the drivers that have driven that enterprise net retention rate higher.

是的。完美的。不，這非常有幫助。然後我注意到 50,000 美元的 ARR 披露值超過了 150%，但顯然非常健康，而且與去年或 4 個季度前的水平相比也有了相當大的增長。您認為這種上漲的原因是什麼？它是否能夠更好地留住您的客戶？你是——我想你可能更多地呼籲全面採用。我很想了解更多推動企業淨留存率提高的因素。

Arjun, so this is Roy. So this is something we've been talking about for a while that there is a shift in our business that we've added the sales team like a few years ago, and we see constant growth within the enterprise segment. We have more customers, as you can see in the metrics we've disclosed. And also, their expansion within each company is always growing. The sweet spot we have within those companies are growing. So it's something that we should expect that will continue in terms of like our growth into enterprise customers.

阿瓊，這是羅伊。這是我們一直在談論的事情，我們的業務發生了轉變，幾年前我們增加了銷售團隊，我們看到企業部門不斷成長。我們擁有更多的客戶，正如您在我們披露的指標中所看到的那樣。而且，他們在各個公司內部的擴張也不斷成長。我們在這些公司中的最佳地位正在不斷擴大。因此，就我們企業客戶的成長而言，我們應該預期這種情況將會持續下去。

And we also invest a lot in the product in that respect, like having a lot of -- like enterprise security and a lot of stuff that opens more and more doors always to those markets or those customer segments.

我們也在這方面對產品進行了大量投資，例如企業安全和許多東西，這些都為這些市場或客戶群打開了越來越多的大門。

Our next question comes from the line of Mark Murphy from JPMorgan.

我們的下一個問題來自摩根大通的馬克墨菲。

And I'll also add my congrats on a very healthy looking top line, a great start to the year.

我還要對公司業績表現非常健康表示祝賀，這是今年的一個好開始。

First question is, I believe your largest deployment is sitting at 7,000 seats. Do you have line of sight into when you might break through that ceiling, either through an expansion process, or perhaps even landing a new customer with a larger footprint?

第一個問題是，我認為你們最大的部署是 7,000 個座位。您是否知道何時可以突破這個限制，是透過擴張過程，還是甚至獲得一個具有更大影響力的新客戶？

And then secondly, kind of following up on Kash's question earlier. Because you produced more than half of revenue outside of the U.S., can you provide any sense of business confidence specifically in Europe? And overall pipeline growth in Europe? We're just wondering if there is any degradation at all as many other software companies have seen. Or is it basically feel like it's all systems go for monday at this point.

其次，有點像是跟進 Kash 之前提出的問題。由於你們一半以上的收入來自美國以外，您能否提供一些關於歐洲商業信心的資訊？歐洲整體管道成長情況如何？我們只是想知道是否有其他軟體公司所看到的退化現象。或者基本上感覺現在周一一切就緒了。

Yes. Thank you, Mark. It's Roy, and then I'll let Eliran address the other one. So we're, like I mentioned, really excited about enterprise. We see the sweet spot always growing, and we're widening our approach to more and more customers, as you can see in the growth in the number of customers, and also the depth of solutions that we offer them. So I think we have like great results also in NDR, and definitely a major focus area for the company.

是的。謝謝你，馬克。我是羅伊 (Roy)，然後我會讓埃利蘭 (Eliran) 回答另一個問題。所以，正如我所提到的，我們對企業感到非常興奮。我們看到最佳點一直在不斷擴大，我們正在擴大我們的方法以適應越來越多的客戶，正如您所看到的客戶數量的增長以及我們為他們提供的解決方案的深度。所以我認為我們在 NDR 方面也取得了很好的成績，這絕對是公司關注的重點領域。

Mark, it's Eliran. So as of right now, we are seeing nothing unique in Europe or elsewhere. Growth rates in Europe are comparable to the overall company. So this is good news for us. And the company has a very diverse customer base of more than 150,000 customers in our last earnings, and the number continues to grow. We serve SMB to the largest global companies across all kinds of industries and geographies. Therefore, we don't see any sign of softness yet in this term.

馬克，我是 Eliran。因此截至目前，我們在歐洲或其他地方沒有看到任何特殊情況。歐洲的成長率與整個公司相當。這對我們來說是個好消息。該公司擁有非常多樣化的客戶群，根據我們最近的收益，客戶數量超過 15 萬名，而且這個數字還在繼續增長。我們為各行業和地區的中小企業乃至全球最大的公司提供服務。因此，我們尚未看到本學期出現任何疲軟跡象。

And maybe one more thing I would add, Mark, this is Eran, is that still 70% of our customers come from nontech companies. And we serve over 200 different business verticals. So we have a very diverse customer base, so as a result of that, we're not affected by any specific sector, any strategic trend that we've seen.

也許我還要補充一點，馬克，我是埃蘭，我們的 70% 的客戶仍然來自非科技公司。我們為 200 多個不同的垂直行業提供服務。因此，我們的客戶群非常多樣化，因此，我們不會受到任何特定行業、任何策略趨勢的影響。

We'll take our next question today from Scott Berg of Needham.

今天我們將回答來自尼德姆的斯科特伯格 (Scott Berg) 提出的下一個問題。

I guess 2. First one was on -- I think it was Eran's commentary about accelerating acquisition of new customers. Can you help maybe qualify or quantify that statement a little bit in the quarter? I know you don't report total customers necessarily, but how should we think about what that quarter-over-quarter acceleration looks like?

我想是 2。第一個是——我認為這是 Eran 關於加速獲取新客戶的評論。您能否在本季度幫助稍微限定或量化該聲明？我知道您不一定會報告客戶總數，但我們應該如何看待季度環比增長的情況？

Yes, Scott. This is Eran. So I think the best indicator is that we've increased our sales and marketing expense this quarter. Eliran mentioned that this is part of our playbook and how we kind of plan a year throughout.

是的，斯科特。這是埃蘭。因此我認為最好的指標是我們本季增加了銷售和行銷費用。 Eliran 提到這是我們劇本的一部分，也是我們全年計劃的一部分。

But one thing we can comment, just to give you some more color, is that our customer acquisition in Q1 remain very efficient. We measure everything, every click and every new customer acquisition cost, and we managed to maintain very high efficiency in acquiring new customers, and this is a huge investment for us going forward as we feel this is the right thing to do given the huge opportunity that we have as a company. So our economic -- unit economics remain strong and very efficient as we managed to scale our marketing efforts.

但我們可以評論的一件事是，只是為了給你更多的信息，那就是我們在第一季度的客戶獲取仍然非常高效。我們衡量一切，每一次點擊和每一個新客戶的獲取成本，我們設法保持獲取新客戶的高效率，這對我們未來來說是一筆巨大的投資，因為我們認為，考慮到我們作為一家公司所擁有的巨大機遇，這是正確的做法。因此，隨著我們成功擴大行銷力度，我們的經濟—單位經濟依然強勁且有效率。

Got it. Helpful. And then from a follow-up perspective, I know there's commentary, I think it was 60% of the Fortune 500 is now customers of yours in some scenario. How should we think about how those customers purchase today relative to some of your smaller customers? Is the purchasing motion or I guess the products they're buying are very similar and it's just a larger seat count? Or have you noticed any nuances on how they acquire that might be different than your historical smaller customer?

知道了。很有幫助。然後從後續的角度來看，我知道有評論說，我認為在某些情況下，60% 的財富 500 強企業現在是您的客戶。相對於您的一些小客戶，我們應該如何看待這些客戶今天的購買情況？這是購買動議嗎？或者我猜他們購買的產品非常相似，只是座位數量更多？或者您注意到他們的收購方式與您過去的小客戶在收購方式上有任何不同？

Scott, it's Roy. And so I think alongside the growth we have in enterprise, we see a close shift in those adoption patterns. So first of all, the vast majority of customers do land and expand. They start with a small account and then we expand over time. So like every new deal we have is a door open for another deal, meaning we always expand within our customer base. You can see that in the NDR, okay? So that's one.

史考特，我是羅伊。因此我認為，隨著企業的成長，我們看到這些採用模式發生了巨大轉變。因此首先，絕大多數客戶確實會落地並擴張。他們從一個小帳戶開始，然後我們隨著時間的推移而不斷擴大。因此，我們達成的每一筆新交易都為另一筆交易打開了一扇大門，這意味著我們始終在擴大客戶群。您可以在 NDR 中看到這一點，好嗎？這就是其中之一。

On the other side, we do see larger deals happening upfront, like they start bigger, and we also expand faster. So that's a trend that's been happening in the last, like, 2 years even, okay, all the time. And I think as monday grows as a brand, customers understand it's a solution and they can trust them more and more, like we see more of those top-down deals starting. Hope that helps.

另一方面，我們確實看到更大的交易在前期發生，例如他們開始規模更大，而且我們擴張的速度也更快。所以這是過去兩年甚至更久以來一直存在的趨勢。我認為，隨著 Monday 品牌的成長，客戶會明白這是一個解決方案，他們會越來越信任他們，就像我們看到更多自上而下的交易一樣。希望能有所幫助。

Very much.

非常。

We will now move over to our question from Brent Thill of Jefferies.

我們現在來回答 Jefferies 的 Brent Thill 提出的問題。

This is John Byun for Brent Thill. I have 2 questions. On the new Work OS products, just wondering how full feature and maybe this is like a best-of-breed solutions out there. Does that mean you're going to compete more versus some of the partners you integrated with and, I guess, timing and G&A?

我是布倫特·蒂爾 (Brent Thill) 的約翰·拜恩 (John Byun)。我有兩個問題。對於新的 Work OS 產品，我只是想知道它的功能有多齊全，也許這是目前最好的解決方案。這是否意味著您將與您所整合的一些合作夥伴展開更激烈的競爭，我想，還有時間和一般及行政費用 (G&A) 方面的競爭？

And then second, on your SHI, we saw partnership. Does that mean you're making a bigger push into the U.S. public sector? How is your presence today?

其次，在您的 SHI 上，我們看到了合作關係。這是否意味著您正在加大對美國公共部門的投資？您今天感覺如何？

If you don't mind, this is Eran. Just repeat the first part of your question, you were breaking up.

如果你不介意的話，我是 Eran。只要重複問題的第一部分，你們正在分手。

Sure. On the new Work OS products, in terms of capabilities, how do they compare versus best-of-breed solutions out there? Does this mean you're competing more versus some of the partners that you integrated with? And any update on timing for general availability?

當然。就新的 Work OS 產品而言，就功能而言，它們與現有的最佳解決方案相比如何？這是否意味著您與一些合作夥伴的競爭更加激烈？關於全面上市的時間有任何更新嗎？

Thank you. It's Roy here. So it doesn't mean that we're competing with other like, I don't know, like large enterprise solutions. We actually integrate really well into them. Like this quarter, we're also enhancing our integration into Salesforce and Atlassian. And we see a lot of deep integrations into companies' workflows in many ways. Those -- the partnership with SHI actually opens the door for a lot of enterprise customers in America. And yes, we're excited about that.

謝謝。我是羅伊。所以這並不意味著我們正在與其他大型企業解決方案競爭。我們實際上很好地融入了他們。與本季一樣，我們也在加強與 Salesforce 和 Atlassian 的整合。我們看到它在許多方面都與公司的工作流程進行了深度整合。與 SHI 的合作實際上為美國的許多企業客戶打開了大門。是的，我們對此感到很興奮。

And...

和...

Yes, I think we'll move to the second part of the question? Yes. Sorry, you're breaking up at the second question. If you could repeat that, please.

是的，我想我們應該轉到問題的第二部分？是的。抱歉，你在第二個問題時就分手了。請您再說一次。

Yes. So in the prepared remarks, I think you mentioned that they do a lot with U.S. government sector. So I'm wondering, does that mean you're making a bigger push into the U.S. public sector? And do you have a meaningful presence today in that sector or industry?

是的。所以在準備好的發言中，我想您提到他們與美國政府部門做了很多工作。所以我想知道，這是否意味著您正在加大對美國公共部門的投資？您目前在該領域或產業中是否具有重要的影響力？

Yes. This is Eran. So definitely the new partnership with SHI is very strategic for us. As we go more to enterprise companies and larger enterprises, definitely, this specific sector is very interesting for us. So this specific partner is working in North America with a lot of focus on local government and other companies. And for us, this is a very strategic part of allowing our products to be available to more sectors and more parts of our customer base. So definitely, we're going to invest more resources into that going into the future.

是的。這是埃蘭。因此，與 SHI 的新合作對我們來說無疑具有戰略意義。隨著我們越來越多地接觸企業公司和大型企業，毫無疑問，這個特定的領域對我們來說非常有趣。因此，這個特定的合作夥伴在北美開展工作，並專注於當地政府和其他公司。對我們來說，這是一個非常具有戰略意義的部分，可以讓我們的產品涵蓋更多產業和更多的客戶群。因此，我們肯定會在未來投入更多的資源。

Our next question comes from Brent Bracelin of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brent Bracelin。

Maybe I'll start here with Eliran. Net dollar retention across all users has increased pretty substantially here this quarter. Is that a function of just the mix shift to enterprise? Maybe can you talk a little bit about churn at all, but just a little surprised to see that metric continue to move up. I suspect it's all enterprise, but just trying to understand why you're seeing that improve so much here sequentially.

也許我應該從 Eliran 開始。本季所有用戶的淨美元保留率均大幅增加。這是混合轉向企業的功能嗎？也許您可以稍微談談客戶流失率，但看到這個指標持續上升，我有點驚訝。我懷疑這都是企業的問題，但只是想了解為什麼你會看到這裡的情況連續得到如此大的改善。

Brent, it's Eliran. So thank you for the question. Obviously, I would say that, first, we are seeing product improvement because we are very focused on continuing to innovate and invest in our products. And this is why we are handing R&D talent. So this is one of the reasons for the expansion.

布倫特，我是艾利蘭。謝謝你的提問。顯然，我想說，首先，我們看到了產品的改進，因為我們非常注重持續創新和投資我們的產品。這就是我們輸送研發人才的原因。所以這是擴張的原因之一。

Second, is our ability to expand within existing customers once they unlock the value of the monday product. Together with the additional solutions -- product solutions that we introduced, they continue to increase the number of seats and number of verticals horizontally.

第二，一旦現有客戶意識到 Monday 產品的價值，我們就有能力擴大現有客戶群。與我們推出的附加解決方案（產品解決方案）一起，它們繼續水平增加座位數量和垂直數量。

I would expect with regards to the numbers that we got to a point, this is really best in the industry to be above 125% for total customers and about 150% to enterprise. I believe we are going to see potentially a few basis point improvements, but we believe this is kind of stabilizing, and we are going to see these rates over time.

我預計，就我們所得到的數字而言，這確實是業內最好的水平，整體客戶佔比超過 125%，企業佔比約為 150%。我相信我們可能會看到一些基點的改善，但我們相信這是一種穩定，我們會隨著時間的推移看到這些利率。

So it makes sense of this. I guess -- this is Eran, following up on the 4 monday products. Intuitively, it seems like monday products would be the bulk of the use cases. But maybe could you talk about which of those 4 use cases, sales, marketer, projects, dev is kind of the fastest-growing use case for monday? That would be helpful.

所以這是有道理的。我猜——這是 Eran，正在跟進 4 個星期一的產品。直觀地看，週一的產品似乎佔據了大部分的用例。但是也許您可以談談這四個用例（銷售、行銷人員、專案、開發）中哪一個是周一成長最快的用例？那將會很有幫助。

Yes, Brent, thank you. So first of all, we're excited about all 4 part of the reasons that we focus on those 4 is that we to sell a lot of demand. Our customers use monday for many use cases, but those 4 releases stood out and has the most potential. I would say that we see a lot of traction in our sales CRM product, but also our developer product is very interesting. We still have demand in the marketing products as well. And obviously, project management for us, it's really the sweet spot. So we see a lot of momentum in each one of those.

是的，布倫特，謝謝你。首先，我們對所有這四個產品都感到興奮，我們關注這四個產品的部分原因是我們銷售的產品有很多需求。我們的客戶在許多用例中使用 Monday，但這 4 個版本脫穎而出，具有最大的潛力。我想說的是，我們的銷售 CRM 產品具有很大的吸引力，但我們的開發人員產品也非常有趣。我們對行銷產品仍有需求。顯然，對我們來說，專案管理確實是一個最佳選擇。因此，我們看到每一個面向都具有很大的發展動能。

I would say that when we kind of planned the guidance and our model, we didn't take those products into account. They are still new and we have a lot of growth to do in each one of them. But definitely, we see a lot of positive signs and a lot of very excited selling customer feedback from our customers using them. So we're very excited for the future of those products.

我想說的是，當我們規劃指導和模型時，我們並沒有考慮到這些產品。它們仍然很新，我們在每一個方面都還有很大的進步空間。但毫無疑問，我們看到了很多積極的跡象，以及許多來自使用過這些產品的客戶非常興奮的銷售回饋。因此，我們對這些產品的未來感到非常興奮。

Thanks, Roy. Something more to add. Okay. So I'd like to add to what Eran said. So what next Monday special is the fact that you can build anything you want on top of it. So that's also true for each one of these products. So if you adopt one, you can still build whatever you want on top of each one and also connect them together and have them work really well together because it's all 1 platform is all built on top of the Work OS.

謝謝，羅伊。還有一點要補充。好的。因此我想補充一下 Eran 所說的話。那麼下週一的特別之處在於你可以在其上建造任何你想要的東西。這對於每一款產品都是如此。因此，如果您採用一個，您仍然可以在每個平台上建立任何您想要的內容，並將它們連接在一起並讓它們很好地協同工作，因為所有 1 個平台都是建立在 Work OS 之上的。

So I think that's all something important to understand where customers are adopting them. We can still do anything else they want, is not now on top of the other bases of products.

所以我認為了解客戶在哪裡採用它們是很重要的。我們仍然可以做任何他們想要的其他事情，現在不是在其他產品基礎上。

Our next question comes from Andrew DeGasperi of Berenberg.

我們的下一個問題來自貝倫貝格的 Andrew DeGasperi。

I just had a question in terms of one of the metrics you used to provide. Just wondering how that trended, the percent of ARR from over 10 users. I know you gave the over $50,000. But just wondering if you had anything to add to that comment.

我剛剛對您曾經提供的某個指標有疑問。我只是想知道超過 10 位用戶的 ARR 百分比趨勢如何。我知道你捐了超過 5 萬美元。但我只是想知道您是否對該評論還有什麼補充。

And then secondly, in terms of your deferred, it sequentially increased quite a bit. I was just wondering if there's any kind of larger sort of bigger deals that you've added this quarter. Anything that you could provide would be appreciated.

其次，就延期而言，它連續增加了不少。我只是想知道本季度您是否增加了任何更大規模的交易。如您能提供任何協助，我們將不勝感激。

Andrew, this is Eliran. With regards to your first question, so the share of ARR from customers with 10-plus users is continue to improve. Last time we disclosed, it was above 70%. So as part of us going up market, together with enterprise accounts, we see this trend continue to improve, and they are becoming more meaningful in our total ARR.

安德魯，這是伊萊蘭。關於您的第一個問題，擁有 10 個以上用戶的客戶的 ARR 份額正在持續提高。我們上次披露時，這一比例超過了70%。因此，隨著我們進入高端市場，並與企業帳戶一起，我們看到這一趨勢持續改善，並且它們在我們的整體 ARR 中變得越來越有意義。

I can tell you that more than 85% of our customers are -- for ARR is coming from customers that are buying the pro and enterprise peers. So this is definitely a trend that we see continue moving forward. With regard to your question -- your second question, you were asking about calculated billings just to make sure what you were asking about.

我可以告訴你，我們 85% 以上的客戶——ARR 都來自購買專業版和企業版的客戶。因此，我們看到的這肯定是一個持續向前發展的趨勢。關於您的問題——您的第二個問題，您詢問的是計算帳單，只是為了確保您詢問的是什麼。

Yes, that's right. It was a sequential increase.

是的，沒錯。這是一個連續的成長。

So while we are very happy with the increase, we said it in the past that calculated billing is not a leading indicator of our business. We usually look at growth -- revenue growth, net dollar retention rate, number of customers. This is a more of a leading indicator. Obviously, there is going to be fluctuation with calculated billings, but we definitely saw a sequential increase this quarter versus the previous one.

因此，雖然我們對這一成長感到非常高興，但我們過去曾表示，計算帳單並不是我們業務的領先指標。我們通常專注於成長——收入成長、淨美元保留率、客戶數量。這更像是一個領先指標。顯然，計算出的帳單會有波動，但與上一季相比，我們確實看到本季的帳單金額出現了環比增長。

That's helpful. And if I may add another one, sales and marketing. You mentioned you've front-loaded it in Q1, and you obviously had a pretty sizable headcount increase. I was just wondering what drove you to do that this quarter?

這很有幫助。我可以再補充一點，那就是銷售和行銷。您提到您已在第一季預先投入了資金，而且顯然您的員工人數有了相當大的增加。我只是想知道是什麼促使您本季這樣做？

And secondly, can you maybe provide a little more data in terms of where the distribution of this headcount is? Is it mostly U.S. or other regions?

其次，您能否提供更多有關該員工分佈的數據？主要是美國還是其他地區？

Yes, Andrew, this is Eran. So just to give you more color about the increase in spend. So about $10 million to $11 million of it was Super Bowl advertising, which we mentioned in the previous quarter. Another $10 million, I would say, roughly is increasing our headcount. So usually, we accelerate hiring around Q1 in terms of salespeople, customer success managers, customer support and so on, which the effect of this in terms of sales power will unfold in the next few quarters.

是的，安德魯，這是埃蘭。只是為了讓您更多地了解支出的增加。其中約有 1,000 萬至 1,100 萬美元是超級盃廣告，我們在上一季提到。我想說，另外 1000 萬美元大約是用來增加我們的員工人數。因此，通常我們會在第一季左右加速招募銷售人員、客戶成功經理、客戶支援人員等，這對銷售能力的影響將在接下來的幾季顯現出來。

But for us, it was an opportunity to increase our sales force. And the rest of the increase, give or take, is increasing the performance market. And usually in Q1, we see strong demand in the market for 2 like hours which continue to Q2, Q3, and Q4, but there's usually an acceleration in Q1. And for us, it's a great opportunity. And as I've mentioned previously, we managed to scale our performance marketing, while keeping the same efficiency and unit economics in terms of acquiring new customers. So we're very happy about our investment in terms of performance marketing.

但對我們來說，這是一個擴大銷售團隊的機會。其餘的成長，大致上，都是為了增加表演市場。通常在第一季度，我們會看到市場需求強勁持續 2 小時，這種需求會持續到第二季​​、第三季和第四季度，但第一季通常會加速成長。對我們來說，這是一個很好的機會。正如我之前提到的，我們成功擴大了績效行銷的規模，同時在獲取新客戶方面保持了相同的效率和單位經濟效益。因此，我們對在績效行銷方面的投資感到非常高興。

I can add -- it's Roy that, like if you look at the history of the company, we've been doing this around each year during January. And compared to last year, we kept the same efficiency metrics and ratios. So we're really happy with that ability.

我可以補充一點——羅伊，如果你看看公司的歷史，你就會知道我們每年一月份都會這樣做。與去年相比，我們保持了相同的效率指標和比率。所以我們對這種能力感到非常滿意。

And Andrew, this is Eliran. Just to add with regards to the distribution of the head count that we hired. So we hired people in both outside of the U.S. not in Israel, it's a combination of Israel, U.S. and London, Sydney and other places around the world. With regard to certain marketing resources, we're also hiring enterprise sales managers and quota bearing to continue the growth of the business outside of the U.S.

安德魯，這是伊萊蘭。我只是想補充一下我們僱用的員工人數分佈。因此，我們不僅在美國，而且在美國以外的地區（以色列）也僱用員工，而是在以色列、美國、倫敦、雪梨和世界其他地方都僱用員工。在某些行銷資源方面，我們也正在招募企業銷售經理和配額經理，以繼續推動美國以外的業務成長。

Our next question comes from George Iwanyc of Oppenheimer.

我們的下一個問題來自奧本海默公司的喬治·伊万尼克 (George Iwanyc)。

So maybe just following up on the sales comments. With the introduction of the new Work OS products, do you anticipate any changes to your sales and go-to-market ocean layering in, either specialist or putting more focus on particular verticals?

所以也許只是跟進銷售評論。隨著新 Work OS 產品的推出，您是否預期您的銷售和市場分層會發生任何變化，無論是專業化還是更注重特定垂直領域？

So we're...

所以我們...

Yes, I'll take it. This is Eran. So in terms of our go-to-market for those new world-class products. So definitely, we see here a huge opportunity, mainly because those products allow us to market to specific audiences, and specific customers. So we can have more targeted marketing to those audiences as opposed to having like more of a broader broadcast to a mass audience when we talk about the Work OS.

是的，我會接受的。這是埃蘭。就我們這些新的世界級產品的市場進入而言。因此，我們無疑看到了巨大的機遇，主要是因為這些產品使我們能夠向特定的受眾和特定的客戶進行行銷。因此，我們可以針對這些受眾進行更有針對性的行銷，而不是像我們談論 Work OS 時那樣向大眾受眾進行更廣泛的廣播。

Having those independent products will allow us to have more specific targeting, resulting in what we already seen early signs of lower customer acquisition costs and better adoption in terms of acquiring new customers.

擁有這些獨立的產品將使我們能夠進行更具體的定位，從而產生我們已經看到的早期跡象，即降低客戶獲取成本並在獲取新客戶方面獲得更好的採用。

Over time, and this is the big opportunity here, we can -- we already see that as well. We see those customers expanding from that specific use case to start with. To more use cases and eventually as part of our vision of the company to have the whole company working on the Work OS platform.

隨著時間的推移，這是一個巨大的機遇，我們可以——我們已經看到了這一點。我們看到這些客戶從一開始就從特定的用例開始擴展。為了實現更多的用例，並最終成為我們公司願景的一部分，讓整個公司在 Work OS 平台上運作。

So this is part of the reason why we're so excited about those new products, not only that it allows us to have a more efficient go-to-market, but better onboarding and more potential to expand within an organization.

這也是我們對這些新產品如此興奮的原因之一，不僅因為它使我們能夠更有效地進入市場，而且還可以更好地入職並在組織內擁有更大的擴展潛力。

Yes. I only wanted to add, it's Roy, that we see this as a long term. Like all these products that we released, like it's not something -- it's a gradual change into those areas. And like Eran mentioned, we didn't model this year according to any results from them.

是的。我只想補充一點，羅伊，我們認為這是一個長期目標。就像我們發布的所有這些產品一樣，它不是一種東西——而是這些領域的逐漸改變。正如埃蘭所提到的，我們今年沒有根據他們的任何結果進行建模。

Yes. And just maybe following up on the kind of the broader competitive landscape. Are you seeing any changes with -- relative to -- are you mostly landing in greenfield opportunities? Are you seeing any vendor displacement? Or just changes into the way you're dealing with multiple products at individual customers?

是的。也許只是關注更廣泛的競爭格局。您是否看到了任何變化——相對於——您是否主要獲得了綠地機會？您是否看到任何供應商流失？或者只是改變了您針對單一客戶處理多種產品的方式？

Yes, this is Eran. So we gone through the same environment that we saw before. 70% of the deals, we see no competition. It's still a huge greenfield in terms of the opportunity and our ability to acquire new customers. In terms of this new product, definitely in each one of those categories that our existing competitors, it's still early days. But as I've mentioned, from what we already see by releasing those products and doing, although limited, but some marketing to them, we see a lot of efficiency in terms of customer acquisition and process and other growth opportunity in terms of go-to-market. So this is kind of basically the dynamics that we see.

是的，這是 Eran。因此我們經歷了之前所見的相同環境。 70%的交易中，我們沒有看到競爭。就機會和我們獲取新客戶的能力而言，這仍然是一個巨大的未開發領域。就這款新產品而言，我們現有的競爭對手在每個類別中都還處於早期階段。但正如我所提到的，從我們已經看到的情況來看，透過發布這些產品並進行一些行銷，雖然有限，但我們看到客戶獲取和流程方面的效率以及進入市場方面的其他成長機會。這基本上就是我們所看到的動態。

Yes. And I can add that or emphasize that we -- for the last 2 years, we've been marketing to those exact for segments, okay? What we're doing now is another step of evolution of packaging it as separate products, but we've always had those solutions that monday customer adopted. So we feel very confident in this going forward.

是的。我可以補充或強調的是，在過去的兩年裡，我們一直在針對這些細分市場進行行銷，好嗎？我們現在所做的是將其打包為單獨產品的另一步演變，但我們一直都有那些週一客戶採用的解決方案。因此，我們對此未來的發展充滿信心。

(Operator Instructions) We will now move over to our next question, which comes from the line of DJ Hynes of Canaccord.

（操作員指示）現在我們轉到下一個問題，來自 Canaccord 的 DJ Hynes 提出。

Just one question on my end. Roy or Eran. Can you just remind me of the signals that you guys use internally to trigger direct sales engagement? Like are you looking at spend threshold? Is it usage metrics?

我只想問一個問題。羅伊 (Roy) 或埃蘭 (Eran)。您能否提醒我你們內部用來觸發直接銷售參與的訊號？您是否正在考慮消費門檻？它是使用指標嗎？

And I guess the question is, given the strength you're seeing in your largest cohorts, which I assume is favorably impacted by direct sales touch, does that make you think direct sales engagement even earlier in the funnel would be beneficial? Like how do you think about that?

我想問題是，鑑於您在最大的群體中看到的實力，我認為這受到了直接銷售的積極影響，這是否讓您認為在通路早期進行直接銷售參與會是有益的？您對此有何看法？

Yes. Thank you, David, DJ. This is Eran. Thank you for your question. And this is a great question because, like we've mentioned, usually the way customers adopt monday is bottom-up. And we see customers starting using monday from all companies, all sizes and different roles, different positions within the company.

是的。謝謝你，David，DJ。這是埃蘭。感謝您的提問。這是一個很好的問題，因為正如我們所提到的，客戶採用星期一的方式通常是自下而上的。我們看到來自各個公司、各種規模、不同角色、不同職位的客戶都開始使用 Monday。

The way our sales algorithm work is that, whenever a customer signs up, we ask that customers advances detail during the final process about company size, their role in the company and how large a deployment they want. And also we're using third-party tools to enrich that information. Using all that information, we classify accounts that have potential to grow.

我們的銷售演算法的工作方式是，每當客戶註冊時，我們都會要求客戶在最後的過程中提供有關公司規模、他們在公司中的角色以及他們想要的部署規模的詳細資訊。我們也使用第三方工具來豐富這些資訊。利用所有這些信息，我們對具有成長潛力的帳戶進行分類。

So once we see paying account with engagement within the account and the potential to grow to, let's say, 1,000 people or more. Our sales team is engaging that customer. And basically, it's a different process because the customer is already using monday, happy with a product and then we try to expand the usage to more with the (inaudible). And usually, it's a short sales cycle, which leads to future sale cycles as well. So the motion is pretty much the way I've described it.

因此，一旦我們看到付費帳戶與帳戶內的互動以及成長到 1,000 人或更多的潛力。我們的銷售團隊正在與該客戶接洽。基本上，這是一個不同的過程，因為客戶已經在使用星期一，對產品感到滿意，然後我們嘗試透過（聽不清楚）將用途擴展到更多。通常，這是一個短暫的銷售週期，這也會導致未來的銷售週期。所以動作基本上就跟我描述的一樣。

And your question you asked about any change that we see. So definitely, we see a lot of opportunity on top of that. We see an opportunity to create a strong outbound motion. We see a strong opportunity to create a B2B mechanism where we can market to senior executives. So definitely, that's a huge upside that we have as a company, which we also invested in. So we are investing in all fronts in terms of customer acquisition and creating more opportunities for our sales team.

您問的問題是我們看到了什麼改變。因此，我們確實看到了很多機會。我們看到了創造強大外向運動的機會。我們看到了創建 B2B 機制的巨大機遇，透過該機制我們可以向高階主管行銷。所以毫無疑問，這是我們公司所擁有的巨大優勢，我們也對此進行了投資。因此，我們在客戶獲取方面進行全方位投資，並為我們的銷售團隊創造更多機會。

Our next question comes from Derrick Wood of Cowen.

我們的下一個問題來自考恩的德里克伍德。

You guys keep announcing some new SI partners. You mentioned SHI and you've mentioned Tata in the past. Can you just talk about the kind of growth you're seeing from the partner channel, and what kind of incremental leverage you're expecting this year?

你們不斷宣布一些新的 SI 合作夥伴。您提到了 SHI，過去也提到 Tata。您能否談談您從合作夥伴管道看到的成長情況，以及您預計今年會出現什麼樣的增量槓桿？

It's Roy. So we see a lot of the partnership we have with them, and it's something that is long term. Obviously, the bigger the partner, the larger customers they address and the true significant results is a flywheel that takes more time.

是羅伊。因此，我們看到我們與他們之間有很多合作關係，而且這種合作關係是長期的。顯然，合作夥伴越大，他們所面對的客戶就越大，而真正顯著的成果是一個需要更多時間的飛輪。

And I think we're very bullish on those partnerships, as you mentioned, that we're having them and putting a lot of densities on it. So we see partners as a true, well, partners, because they add a lot of value to customers in a lot of ways and especially the large ones. So we definitely see this as a strategic for the company.

而且我認為，正如您所說，我們非常看好這些合作關係，我們正在建立這些合作關係並投入大量精力。因此，我們將合作夥伴視為真正的合作夥伴，因為他們在許多方面為客戶（尤其是大型客戶）增加了許多價值。因此，我們絕對將此視為公司的策略。

Got it. I wanted to ask about pricing too. Given the inflation rate, and we're seeing other vendors change pricing. How are you guys thinking about potential price increases? Or what kind of price changes can we expect coming out of these new products being launched?

知道了。我也想問價格。考慮到通貨膨脹率，我們看到其他供應商正在改變定價。你們對於潛在的價格上漲有什麼看法？或者我們可以預期這些新產品的推出會帶來什麼樣的價格變動？

Yes, Derrick, this is Eran. Thank you for the question. So basically, from -- I'll sum with the products. So in terms of the new products, we do intend to have different pricing for each one of those products. It depends on the industry. But that's regardless of the macroeconomics and inflation.

是的，德瑞克，這是埃蘭。謝謝你的提問。所以基本上，從——我將對產品進行總結。因此，就新產品而言，我們確實打算對每款產品製定不同的定價。這取決於行業。但這與宏觀經濟和通貨膨脹無關。

So it's more about our go-to-market and what people expect from each one of those product segments. In terms of inflation and so we monitor everything that's going on very closely. But currently, we don't have any specific plans to raise prices. But we are continuing to monitor. and if anything changes, we evaluate as we go.

因此，這更多的是關於我們的市場進入方式以及人們對每個產品領域的期望。就通貨膨脹而言，我們密切監視正在發生的一切。但目前我們還沒有具體的漲價計畫。但我們仍在持續監測。如果有任何變化，我們會隨時進行評估。

We'll take our next question from Robert Simmons of D.A. Davidson.

我們將回答 D.A. 的羅伯特·西蒙斯 (Robert Simmons) 提出的下一個問題。戴維森。

Guys, can you update us on the marketplace, even traction you're seeing there, updates on the monetization plan? And then also does the annual guidance include any contributions from marketplace?

夥計們，您能向我們更新市場情況嗎，甚至您在那裡看到的牽引力，以及貨幣化計劃的更新？那麼年度指導是否也包括來自市場的任何貢獻？

Yes, Robert, this is Eran. Thank you for the question. So definitely, our marketplace is something that's very important for us as we sell the company. Last quarter, we released our own payment system within the marketplace. So basically, app (inaudible) can now monetize their app using our payment platform. We didn't release any numbers attached to it.

是的，羅伯特，這是埃蘭。謝謝你的提問。因此，當我們出售公司時，我們的市場對我們來說無疑非常重要。上個季度，我們在市場上發布了自己的支付系統。所以基本上，應用程式（聽不清楚）現在可以使用我們的支付平台將其應用程式貨幣化。我們沒有公佈任何相關數字。

But just to give you the sentiment, we see very good results from that new release, new asset developers that create new applications, see higher conversion rates, more customers are willing to pay using that payment system. So definitely, it's something that made a huge impact on our cost base and we continue to invest. We see the number of developers going up, the number of applications being created and also used going up consistently quarter-on-quarter.

但只是為了讓您感受一下，我們看到了新版本非常好的結果，創建新應用程式的新資產開發人員看到了更高的轉換率，更多的客戶願意使用該支付系統付款。所以毫無疑問，這對我們的成本基礎產生了巨大的影響，我們會繼續投資。我們看到開發人員的數量正在增加，創建和使用的應用程式數量也在逐季度持續增加。

So we continue to heavily invest into that. I wouldn't say it has much impact on our revenues yet because it's still small numbers. But going forward, this is a big part of the product, it has a lot of potential as well.

因此我們將繼續大力投資於此。我不會說它對我們的收入有很大影響，因為數字仍然很小。但展望未來，這是產品的重要組成部分，它也具有很大的潛力。

Our final question is a follow-up question from Kash Rangan of Goldman Sachs.

我們的最後一個問題是來自高盛的卡什·蘭根（Kash Rangan）的後續問題。

I'm curious, just given that you just started hiring heavy-duty sales capacity, that you're already starting to see net expansion rate and $50,000-plus customers at 150. Could this metric even get better as it progress? That's it for me.

我很好奇，鑑於您剛開始招募重型銷售人員，您就已經開始看到淨擴張率和 150 個 50,000 美元以上的客戶。隨著進展，這個指標還會變得更好嗎？對我來說就是這樣。

Yes, Kash, this is Eran. Thanks for the small question. So this is the first quarter that we released NDR $50,000 for accounts, and we're super happy with it. And definitely, those customers have a lot of room to grow. We still have much more scale to having them. I would say that, over time, we'll commit to keep releasing that metric quarter-over-quarter. But we do see this metric stabilizing.

是的，Kash，這是 Eran。謝謝你的這個小問題。這是我們第一個季度為帳戶發放 50,000 美元的 NDR，我們對此非常滿意。毫無疑問，這些客戶還有很大的成長空間。我們還有更大的規模來擁有它們。我想說的是，隨著時間的推移，我們將承諾繼續逐季發布該指標。但我們確實看到這個指標正在穩定下來。

But going forward, definitely, we're going to have more upsell opportunities. Now with the new products that we've released and also the WorkForms and the Canvas, we're going to need more opportunities to expand our usage with other products. So definitely, there's potential for that number to go up. But as it is right now, when we also benchmark this compared to other companies, this is definitely best NDR numbers. And we'll continue to invest in those enterprise customers.

但展望未來，我們肯定會有更多的追加銷售機會。現在，隨著我們發布的新產品以及 WorkForms 和 Canvas，我們將需要更多機會來擴展其他產品的使用範圍。因此，這個數字肯定還有上升的潛力。但就目前而言，當我們與其他公司進行比較時，這絕對是最好的 NDR 數字。我們將繼續投資這些企業客戶。

That was our last question today. So we would like to conclude by thanking you all for joining the call. And we wish you a lovely rest of your day. You may now all disconnect.

這是我們今天的最後一個問題。最後，我們感謝大家參加這次電話會議。祝您今天剩餘的時間過得愉快。你們現在都可以斷開連結了。